Aloft Portland hotel in Maine sold for $ 51.2 million

Apple Hospitality REIT, Inc. (NYSE: APLE) announced yesterday that it has acquired the 157-room Aloft Hotel on the waterfront in downtown Portland, Maine for a total purchase price of 51 , $ 2 million, or approximately $ 326,000 per key.

Aloft Portland hotel in Maine sold for $ 51.2 million

Apple Home REIT;

Apple Hospitality REIT, Inc. (NYSE: APLE) announced yesterday that it has acquired the 157-room Aloft Hotel on the waterfront in downtown Portland, Maine for a total purchase price of 51 , $ 2 million, or approximately $ 326,000 per key.

“We are delighted to expand our portfolio with the acquisition of the new Aloft Portland, Maine and increase our exposure to the unique and dynamic Portland market,” said Nelson Knight, President, Real Estate and Investments at Apple Hospitality. . “In addition to Portland’s huge appeal for leisure travel, the market is also home to a variety of business, government, commerce, healthcare and education demand generators, among others, and We are confident that this stylish, urban-inspired hotel is well positioned to benefit. We remain focused on maximizing long-term value for our shareholders and actively exploring other acquisition opportunities, like this one, that enhance our portfolio, align with our core ownership strategy and are well positioned to outperform. ”

The newly constructed Aloft Portland, Maine is located at 379 Commercial Street, in the middle of Portland’s working waterfront and within walking distance of a variety of restaurants, shops, art galleries, museums and venues. entertainment. Hotel guests will enjoy coastal views and convenient access to Portland’s range of outdoor activities with boat tours, ferry service, historic landmarks, and hiking trails near. The hotel is also close to the Maine Medical Center, the University of Southern Maine, manufacturing companies, and many corporate offices. According to data provided by STR, Revenue Per Available Room (“RevPAR”) for the Portland Downtown / International Jetport, Maine submarket improved by approximately 19% for the month of July 2021, compared to July. 2019.

Following this acquisition, the Apple Hospitality portfolio includes 215 hotels with approximately 28,100 geographically diverse rooms in 35 states.

Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust (“REIT”). Apple Hospitality’s portfolio consists of 215 hotels with approximately 28,100 rooms located in 85 markets in 35 states. Focused on industry-leading brands, the company’s portfolio consists of 94 Marriott brand hotels, 115 Hilton brand hotels, four Hyatt brand hotels and two independent hotels.

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© 2021 Hotel News Resource


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Sandy A. Greer

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